Argentina reinstates export taxes after shipments hit US$7 billion in two days

Argentina reinstated export taxes on grains, their derivatives, as well as beef and chicken on Wednesday (24). The measure was announced by the fiscal agency ARCA after the country quickly reached the external sales cap of US$7 billion.

On Monday (22), the government published a decree temporarily suspending tariffs on soybeans, corn, wheat, and their derivatives – including biodiesel – to accelerate shipments and raise dollars to support the weakened Argentine peso.

The plan stipulated that the suspension would last until the end of October or until exports totaled US$7 billion. However, that ceiling was reached in just two days.

During the short period of tax relief, Chinese buyers took advantage of the opportunity to replenish their stocks and secured at least 10 soybean cargoes on the first day of the suspension.

Source: Notícias Agrícolas